National Strategy on the application and development of blockchain technology in Vietnam until 2025, with an orientation towards 2030

National Strategy on the application and development of blockchain technology in Vietnam until 2025, with an orientation towards 2030 (Image from the internet)

On October 22, 2024, the Prime Minister of the Government of Vietnam issued Decision 1236/QD-TTg regarding the National Strategy on the application and development of blockchain technology in Vietnam until 2025, with an orientation towards 2030.

National Strategy on the application and development of blockchain technology in Vietnam until 2025, with an orientation towards 2030

The Prime Minister of Vietnam issued the National Strategy on the application and development of blockchain technology in Vietnam until 2025, with an orientation towards 2030, with the following contents:

(1) Perspectives

- Digital infrastructure, digital technology industry: Blockchain technology is one of the leading technological trends of the Fourth Industrial Revolution. The application and development of blockchain technology significantly contributes to building advanced digital infrastructure, ensuring data reliability and security in the context of national digital transformation, and contributes to creating a foundation for the development of the digital technology industry, making a positive contribution to the process of industrialization and modernization of the country.

- Control for development: Maintain risk control and continually improve blockchain technology. Guide compliance with legal regulations on blockchain to promote the application and development of blockchain technology safely and orderly.

- Technology enhancing value: Leverage technology strengths and blockchain technology development trends, such as digital space technology, Web 3.0 technology, to create new experiential spaces, inspire new business models as well as new methods to develop and promote digital culture.

- Promote comprehensive digital transformation: With key technical characteristics of decentralization, ensuring data integrity and security, blockchain technology inspires new design thinking, promotes innovation in service delivery processes and models, develops smarter, more transparent, and safer services, thereby facilitating effective and more comprehensive digital transformation.

- Toward a digital economy, digital society: In the Fourth Industrial Revolution, ownership is no longer only about physical assets but extends to knowledge, intelligence, data... Blockchain technology ensures asset ownership through transparency and non-repudiation; ownership is socialized, promoting multi-ownership of assets toward a transparent, safe, and sustainably developed digital economy.

- Comprehensive blockchain technology development, accessible to all: Blockchain technology will maximize its effectiveness when deployed and communicated to the entire population. To achieve this goal, blockchain technology needs to be popularized and privately invested in so that it can reach various sectors, industries, and the entire populace.

(2) Vision to 2030

Vietnam will become a country among the leading nations in the region and have an international standing in research, implementation, application, and exploitation of blockchain technology; with sufficient capacity to master and apply blockchain technology in all economic and social sectors, realizing the goal of Vietnam becoming a stable and prosperous digital nation.

(3) Objectives

* General Objectives

Utilize the strengths of blockchain technology, develop national blockchain infrastructure; open new development spaces for the digital technology industry, promote innovation; gradually complete regulations, legal corridors, create a competitive environment, and form an ecosystem of enterprises capable of expanding globally; position Vietnam among the leading countries in the region and the world in the application and development of blockchain technology.

* Objectives to 2025

- Establish a foundation for blockchain technology development

+ Form the Vietnam Blockchain Infrastructure ensuring compliance with legal regulations on information security, cybersecurity, and personal data protection to serve the development, deployment, operation, and maintenance of blockchain applications; support interactivity, integration, and sharing between blockchains; support state management of blockchain application and development activities.

+ Promote research, development, and application of blockchain technology at 03 national innovation centers;

+ Construct and upgrade 10 research and training facilities aimed at developing a strategy for human resource development in blockchain technology; integrate blockchain technology into the training curriculum at universities, colleges, vocational training centers, and research institutes.

- Promote and enhance the application of blockchain technology

+ Select, form at least one center/special zone/area for blockchain experimentation to create a national blockchain network; prioritize deployment in units with experience in implementing local blockchain networks;

+ Form the "Blockchain+" ecosystem through the application of blockchain technology in sectors such as finance - banking, transportation - logistics, healthcare, education and training, commerce, logistics, postal - delivery, industrial production, energy, tourism, agriculture, public service provision, and other fields.

* Objectives to 2030

- Consolidate and expand the national blockchain infrastructure providing services both domestically and internationally; issue standards for blockchain application and development in Vietnam.

- Vietnam ranks among the leading nations in the region and the world in blockchain research, application, and development.

- Build 20 reputable blockchain brands regarding platforms, products, services on the blockchain technology platform within the region.

More details can be found in Decision 1236/QD-TTg which comes into force in Vietnam from October 22, 2024.

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